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Markets

South Korean shares set to post weekly loss on hawkish Fed

SEOUL: Round-up of South Korean financial markets: South Korean shares fall on caution ahead of central bank events...
Published December 20, 2024

SEOUL: Round-up of South Korean financial markets:

South Korean shares fall on caution ahead of central bank events

  • South Korean shares fell for a second straight session on Friday and were set to end the week lower after the US Federal Reserve indicated a slower pace of cuts in interest rates.

  • The won weakened, while the benchmark bond yield rose.

  • The benchmark KOSPI was down 32.33 points, or 1.33%, at 2,403.60 as of 0328 GMT, after a drop of 2% on Thursday.

  • For the week, the index was down 3.6%, set to post its worst weekly performance since mid-November.

  • The US economy grew faster than previously estimated in the third quarter, driven by robust consumer spending, data showed on Thursday, a day after the Federal Reserve projected only two rate reductions in 2025, citing the economy’s continued resilience and still-high inflation.

  • Among index heavyweights, chipmaker Samsung Electronics fell 1.51% and peer SK Hynix lost 3.43%, while battery maker LG Energy Solution slid 1.34%.

  • Hyundai Motor shed 1.89% and sister automaker Kia Corp lost 0.40%, while search engine Naver and instant messenger Kakao were up 0.24% and down 0.85%, respectively.

  • Of the total 938 traded issues, 162 shares advanced, while 737 declined.

  • Foreigners were net sellers of shares worth 516.6 billion won ($356.3 million).

  • The won was quoted at 1,449.1 per dollar on the onshore settlement platform, 0.12% lower than its previous close at 1,447.3.

  • South Korea’s financial authorities said on Friday they would loosen foreign exchange regulations to improve liquidity conditions in the currency market, as the won traded at a 15-year low.

  • In money and debt markets, March futures on three-year treasury bonds fell 0.10 point to 106.75.

  • The most liquid three-year Korean treasury bond yield rose by 0.8 basis points to 2.614%, while the benchmark 10-year yield advanced by 4.2 basis points to 2.849%.

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